What is the U.S. policy concerning taxing income of a U.S. corporation's foreign subsidiary? Multiple Choice O Tax Is Imposed on the foreign subsidiary Income in the year It is earned. Foreign subsidiary Income generally is not taxed in the U.S. O The government of the U.S. does not tax foreign source Income. O Tax credits for losses incurred by the foreign subsidiary are recognized by the parent currently, but taxes on profits are deferred until dividends are paid